Auditing has gone through a series of changes and challenges over the past years from the collapse of large US companies and the raising of the audit threshold here within the UK.

Both of these events mean that auditing has become a much more stringent process but due to the increase in the audit threshold a lot of practitioners now no longer offer an audit service. We, here, at Murray Taylor believe that the audit function is vital to many of our clients, primarily for those companies whose turnover is above £6.5 million or indeed where the balance sheet total exceeds £3.26 million. Where any company exceeds either of these thresholds then the company is required to have an audit. While the audit is a must for these companies, many smaller companies may still wish to undergo the process. This may be because of a management buy-out or buy-in. Both the new management team and the old management team want to know that either the company is worth investing in or they are getting the correct price for their company. For further details on the management buy-out/buy-in services that Murray Taylor offer please review our corporate finance section.

It is not only companies that require audits. With a much more robust Charities Commission in England and the Office of the Scottish Charity Regulator (OSCR), charity audits and accounts preparation are far more important than they once were. We oversee the audit of several charities and churches who are now also becoming regulated by the Charity Commissions.

However lets not forget the other entities that may require an audit such as travel agents, clubs and associations, independent financial advisors all of whom may require an audit either as a requirement by their regulator or even by their own constitution.

So if you have any audit issue you would like to discuss, please do not hesitate to get in touch